Otter Tail Corporation (OTTR) Financial Statements (2024 and earlier)

Company Profile

Business Address 215 S CASCADE ST
FERGUS FALLS, MN 56538-0496
State of Incorp. MN
Fiscal Year End December 31
Industry (SIC) 4911 - Electric Services (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments118,9961,5371,16321,19986116,216
Cash and cash equivalents118,9961,5371,16321,19986116,216
Receivables146,041176,789117,174109,118114,165103,802
Inventory, net of allowances, customer advances and progress billings145,952148,49092,16597,851106,27088,034
Inventory145,952148,49092,16597,851106,27088,034
Regulatory asset24,99927,34221,90021,65017,22522,551
Other current assets18,41217,0325,6455,0426,11412,491
Other undisclosed current assets(1,648)(1,836)(3,215) (3,215)(3,967)
Total current assets:452,752369,354234,832254,860241,420239,127
Noncurrent Assets
Operating lease, right-of-use asset    21,851
Property, plant and equipment2,212,7172,124,6052,049,2731,753,7941,581,0981,539,603
Long-term investments and receivables54,84556,69051,8569,89488,38388,240
Due from related parties    79,42279,611
Long-term investments54,84556,69051,8569,8948,9618,629
Intangible assets, net (including goodwill)45,51546,61647,71648,86250,02251,337
Goodwill37,57237,57237,57237,57237,57237,572
Intangible assets, net (excluding goodwill)7,9439,04410,14411,29012,45013,765
Regulated entity, other noncurrent assets94,655125,508168,395144,138135,257129,576
Other noncurrent assets41,17732,05726,28240,19635,75936,006
Other undisclosed noncurrent assets     (79,422)(79,611)
Total noncurrent assets:2,448,9092,385,4762,343,5222,018,7351,811,0971,765,151
TOTAL ASSETS:2,901,6612,754,8302,578,3542,273,5952,052,5172,004,278
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities156,067186,038176,544161,030138,435122,527
Taxes payable19,24518,83117,52517,28716,808
Employee-related liabilities31,70426,90822,73024,85721,534
Accounts payable104,400135,089130,805120,77596,29184,185
Accrued liabilities51,667     
Debt8,204121,146221,08410,31918,771112,557
Regulatory liability17,30024,84416,6637,4807389,688
Disposal group, including discontinued operation      492
Due to related parties    60,63361,914
Other liabilities56,06555,67122,49510,91212,14911,389
Other undisclosed current liabilities     (60,633)(61,914)
Total current liabilities:237,636387,699436,786189,741170,093256,653
Noncurrent Liabilities
Long-term debt and lease obligation    707,774590,002490,380
Long-term debt, excluding current maturities    689,581590,002490,380
Liabilities, other than long-term debt622,887642,340646,170591,713561,664560,353
Deferred revenue and credits358,102
Accumulated deferred investment tax credit15,91616,66117,40518,62619,974
Deferred tax liabilities, net120,976 
Deferred income tax liabilities221,302188,268153,376131,941
Liability, pension and other postretirement and postemployment benefits80,187140,454181,414170,407169,919179,482
Regulatory liability244,497234,430233,973239,906226,469 
Other liabilities60,98562,52760,00230,83324,32622,769
Operating lease, liability    18,193
Total noncurrent liabilities:622,887642,340646,1701,299,4871,151,6661,050,733
Total liabilities:860,5231,030,0391,082,9561,489,2281,321,7591,307,386
Equity
Equity, attributable to parent1,217,317990,777870,966781,482728,863696,892
Common stock208,156207,758207,349200,788198,324197,787
Additional paid in capital423,034419,760414,246364,790344,250343,450
Accumulated other comprehensive income (loss)915(6,524)(8,507)(6,437)(4,144)(5,631)
Retained earnings585,212369,783257,878222,341190,433161,286
Total equity:1,217,317990,777870,966781,482728,863696,892
Other undisclosed liabilities and equity823,821734,014624,4322,8851,895 
TOTAL LIABILITIES AND EQUITY:2,901,6612,754,8302,578,3542,273,5952,052,5172,004,278

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues1,469,4751,196,844890,107919,503916,447849,350
Revenue, net849,350
Cost of revenue(1,000,052)(879,704)(685,454)(732,215)(727,528)(671,141)
Cost of goods and services sold(542,944)(488,370)   (64,807)
Gross profit:469,423317,140204,653187,288188,919178,209
Operating expenses(69,718)(67,432)(56,767)(52,408)(59,530)(52,075)
Other undisclosed operating loss(9,266)     
Operating income:390,439249,708147,886134,880129,389126,134
Nonoperating income (expense)3,1128842,618819(2,048)2,632
Net periodic defined benefits expense (reversal of expense), excluding service cost component1,075(2,016)(3,437)(4,293)(5,509)
Other nonoperating income2,0372,9006,0555,1123,461 
Interest and debt expense(36,016)(37,771)(34,447)(31,411)(30,408)(29,604)
Income from continuing operations before income taxes:357,535212,821116,057104,28896,93399,162
Income tax expense(73,351)(36,052)(20,206)(17,441)(14,588)(27,043)
Income from continuing operations:284,184176,76995,85186,84782,34572,119
Income before gain (loss) on sale of properties:176,76995,85186,84782,34572,439
Income from discontinued operations      320
Net income available to common stockholders, diluted:284,184176,76995,85186,84782,34572,439

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:284,184176,76995,85186,84782,34572,439
Other comprehensive income (loss)(2,769)(766)(2,225)(1,509)1,487(1,831)
Comprehensive income:281,415176,00393,62685,33883,83270,608
Other undisclosed comprehensive income, net of tax, attributable to parent10,2082,749155   
Comprehensive income, net of tax, attributable to parent:291,623178,75293,78185,33883,83270,608

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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